In August 2023, the persisting economic challenges once again had a significant impact on the automotive sector.
According to the most recent data released by the Pakistan Automotive Manufacturers Association (PAMA), member companies in the automotive industry collectively managed to sell a total of 7,579 vehicles in August 2023. This marked a notable 49% increase in sales compared to the previous month. However, it also represented a substantial 36% decline in sales when compared to the same month of the previous year.
Specifically, the Toyota Indus Motor Company (IMC) reported sales of 1,548 cars, reflecting a 13% month-over-month increase. Honda Atlas Cars Limited (HACL) recorded sales of 674 cars, marking a significant 36% month-over-month increase. Meanwhile, Pak Suzuki Motor Company (PSMC) achieved commendable sales of 4,268 cars, showcasing an impressive 75% increase in monthly sales.
Hyundai Nishat Motors Private Limited (HNMPL) sold 778 cars last month, recording a 37% MoM increase in sales. Once again, Tucson remained the company’s front-runner.
The sales of some popular cars are as follows:
|Passenger Vehicle Sales|
|Passenger Vehicles||Sales in July 2023||Sales in August 2023||Month-on-Month % Difference|
|Corolla and Yaris||1,067||1,119||5%|
|Fortuner and Hilux||301||429||42%|
|Civic and City||208||492||137%|
|HR-V & BR-V||286||182||-37%|
Experts suggest that the tough times are not over yet, as more production hiccups and price hikes are inbound.